The price of Pi Network rose more than 15% last week, outperforming the flat crypto market as a wave of network development and event-driven incentives boosted demand for the token.
Summary
- Pi Network rose nearly 15% last week to around $0.189, outperforming the flat crypto market amid booming demand.
- This meeting was supported by the introduction of Protocol 22.1 and the anticipation of Protocol 23, which is expected to introduce smart contract functionality in May.
- The price is testing the $0.19–$0.20 resistance zone, with an exit targeting $0.204–$0.22, while a failure to hold could see a pullback towards the $0.17 support.
According to data from crypto.news, Pi Network (PI) rose from a weekly low near $0.166 to about $0.189 at press time on April 28, pushing its market capitalization closer to $2 billion and placing it among the top 50 crypto assets.
The latest move comes as the network successfully launched its mandatory Protocol 22.1 mainnet upgrade on Monday. Optimization aims to improve scalability and performance, which is an important requirement as the ecosystem prepares to support more complex applications.
Investor sentiment has also strengthened ahead of the upcoming development of Protocol 23, scheduled for May 11. This next phase is expected to introduce smart contract functionality, marking a major shift for Pi from a simple peer-to-peer transfer system to a Web3 programmable environment.
At the same time, the visibility of the project has increased after confirming that it will participate as an official sponsor in Consensus 2026 in Miami, which will take place between May 5 and May 7. The scheduled appearance of the co-founders Nicolas Kokkalis and Chengdiao Fan has helped to renew the interest in the sale, especially in all social media.
Supply-side dynamics have further supported the rally. On-chain data shows a decrease in the opening of tokens in late April, reducing the pressure to sell quickly and allowing the new demand from the development issue to have a strong impact on price action.
Pi Network price analysis
On the daily chart, Pi Network price is trying to regain the $0.19–$0.20 resistance zone after spending most of April rallying around the $0.16–$0.18 range. The latest breakout attempt follows a squeeze period, suggesting that volatility is beginning to increase again.
The chart also shows that the PI price has retraced above the Supertrend indicator, which has now turned green. This change usually indicates a reversal of a short-term trend in favor of buyers and indicates that bullish momentum is increasing.
Momentum indicators are also starting to sync with price action. The MACD has moved into positive territory, with the signal lines crossing upwards and the histogram bars turning green, indicating a strengthening of the upward momentum after weeks of muted activity.
From the perspective of the pattern, traders are carefully looking for the formation of a possible double-bottom structure with a neckline around the $0.190 level. A further close above this resistance could confirm an exit and open the door to a move to $0.2045, with further extension to $0.22 if momentum continues in the Protocol 23 launch window.
However, caution is still necessary. Pi Network has previously shown a tendency to follow a “buy the news, sell the event” pattern around major announcements. If the price fails to hold above $0.19, it may retreat back to the $0.17 support area, with a deeper pullback likely to review the $0.165 level.
For now, the short-term bias remains bullish as long as the token holds above its recent support and the flow of good news continues in early May.
